"We are continuously looking after opportunities, both investments and asset sales. Considering the current economic situation which is still difficult, I am sure it will take one more year or two until we would ,ake the next stept on the Romanian market", said Wachernig, Mediafax writes.

S Immo, part of Erste Group, is present on the Romanian market since 2004, where it owns the four stars Novotel hotel on Calea Victoriei, Sun Plaza mall in Piata Sudului, with a rentable area of 80,000 sq. m, opened in February 2010 and the office project Sun Offices, with 10,000 sq. m.

Moreover, the company announced in 2012 its plan to invest EUR 66 million for the construction of an office project in Grivita area. On 28,000 sq. m, the project will be situated at the crossroad of new Urnaus Blvd. with Calea Grivitei, very close to Victoriei Square in Bucharest.

One year ago, the company’s representatives have declared that the office complex development would start after at least part of the infrastructure in the neighbourhood would have been completed, mentioning that the “zone looks like a battlefield”.

The infrastructure works in the area were recently finalized, but the representatives of S Immo say they will not start the construction this year.

"Starting this kind of projects depends on several factors. Of course the pre-leases represent an important issue, but also should be considered the macro-economic situation, the performance of other projects, as well as other indicators. Currently we are working to get the construction permits and we are optimistic about getting them this year. Considering that the economic situation still represents a challenge, I am almost sure the project will not start this year, but as soon as we will see the office market in Bucharest would register a sustainable growth, we are ready to start the project in the best possible conditions", Wachernig added.

The company also owns a plot of land in Jilava, where it intends to develop a commercial centre. (source: wall-street.ro)